Newsletter 1: AI Strategy, Record VC Investments, Scaling Up Challenges and Clusters

There has been so much happening around tech and policy in recent months that I felt this necessitated a newsletter to cover it off. I've found myself writing more articles of late so I feel there's more than enough content to justify a weekly newsletter (I can push back to a monthly if needs be). I'm also reading quite a bit of material too, so I've included links to interesting items I've come across.

Making the case for Northern Ireland as an 'AI Growth Zone'

I reflected on the UK government's AI Growth Zones initiative as an opportunity for Northern Ireland to become a key player in AI-driven regional economic development. Scotland is really getting pushed by Labour (coincidentally just a few weeks after falling behind the SNP in the polls), but why not NI? The Programme for Government (PfG) draft already has provision for investment zones, it all comes down to energy infrastructure. If NI wants to be an AI maker rather than a AI taker, a successful bid would put booster rockets on that vision.

RegTech - a gigantic global opportunity, NI can grab its slice

I looked over the recent report by Matrix, The Northern Ireland Science Industry Panel, highlights the significant opportunities in RegTech for Northern Ireland. The report outlines four key recommendations, including the creation of an innovation centre, a taskforce, a RegTech strategy, and improved communication on education and awareness. The RegTech market, valued at $10.8bn in 2022, is projected to grow to $35.2bn by 2028. There's some nice choreography around this. The report came out scaling the opportunity, the Invest NI came out talking about the NW Super Cluster, then the City of London turned up to talk about partnerships in the field. This type of joined up, concentrated approach - selling the concept, the place and handshakes with new partners - ought to reap dividends & I'd love to see more of it.

AI and digital transformation in Northern Ireland

I drafted up an article on the Ulster University Strategic Policy Unit report, authored by Stephen Farry and Jodie Carson. The report offers an insightful analysis of Northern Ireland's approach to budgets, AI and digital transformation. It stresses the need for a comprehensive AI strategy to maximise economic opportunities and position NI in the global tech race. More industry engagement, a cultural shift within government and being open to the process of trial and error are explored in the report. I also consider the metaphorical power of Matthew O'Toole and his 'constipated chicken'.

Irish SMEs raise a record ￡1.48bn - but small deals squeezed out

I wrote up a short post on the Irish Venture Capital & Private Equity Association report which found that there was a record €1.48 billion VC investment into Irish SMEs last year. Life Sciences is the hot ticket, with 37% of all money invested. Two NI companies are in here. The headline is that big deals are skewing the picture - firms looking to raise less than €5m are facing "choppy waters".

Turning Startups into Scaleups in NI & UK Tech Scene

I posted about my favourite Parliamentary committee, the House of Lords Communications and Digital Committee issued its report on 'AI and Creative Technology Scaleups: Less Talk, More Action'. It points to the difficulties in scaling businesses, highlights key areas to address the issue (including consolidating existing programmes, better access to data, and leadership development within growing companies). Issues around scaling are particularly acute in Northern Ireland.

Elsewhere...

Gary McDonald at the Irish News had an interesting whistleblower piece suggesting there's a 'drip drip' of job cuts at Allstate.

HMRC is looking for a supplier to take on a ￡370 million, seven-year contract to support a digital platform and call centre re NI border trading. The Register has more here.

If you think US tariffs and trade is something that's happening elsewhere, think again. There doesn't appear to be a high risk of NI exports to the US getting hit at the moment, but the problem arises when the EU retaliates. Some goods may have tariffs imposed under the Protocol, according to a QUB law professor. Okay, so there isn't a huge market for steel, Harley-Davidson motorbikes, bourbon whiskey and corn here, but there are implications nonetheless. Interesting piece.